Homebuying demand also showed signs of softening. Home tours were up 15% compared to the start of the year, a slower increase than the 21% seen at the same time in 2023. Mortgage purchase applications remained flat for the week.
Additionally, pending home sales dropped 2.8% year-over-year and unexpectedly declined during the last week of March. Some potential buyers likely took a break due to the holiday, while others continue to be deterred by high housing costs.
The median US home sale price reached $376,223, a 4.7% increase from the previous year. Median monthly housing payments neared an all-time high last October when home prices were lower, but mortgage rates surpassed 7%.
However, Redfin economic research lead Chen Zhao said buyers could see some relief on housing costs in the coming months.
Source: mpamag.com